NU Online News Service, Oct. 30, 2003, 4:17 p.m. EST – Protective Life Corp, Birmingham, Ala., scraped up a small increase in net income in the third quarter despite a slump in fixed annuity sales.
The company is reporting $52 million in net income for the latest quarter on $559 million in revenue, compared with $51 million in net income on $478 million in revenue for the third quarter of 2002.
Premiums and policy fees increased, but new annuity sales fell to $103 million, from $205 million, because of the effects of low interest rates on the fixed annuity business.
“We are making every effort to manage costs in that operation,” says Protective President John Johns.
New life sales increased to $78 million, from $53 million.